Analyst Consensus ?
ConsensusBuy46 ratings
Bullish3167.4%
Neutral1532.6%
Bearish00.0%
United Airlines Holdings, Inc. · UAL · FY2026 Q3 · Calendar Q4 2026
United posts strong Q3 growth while fuel and capacity remain risks
United's Q3 analysis supports a constructive demand and earnings-growth case: revenue expanded strongly, premium and loyalty initiatives remain central, and management is investing in differentiated service and fleet capacity. The counterevidence is material fuel and cost pressure, capacity constraints, and the execution required to reach double-digit pretax margins in 2027.
Reported After market closeNASDAQIndustrials
$31.73B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.80
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $17.85B
Revenue surprise
—
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
+5.1%
Event window
SPY move
+0.5%
Same window
Abnormal move
+4.6%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
UALSPY benchmark
Ask FN2 about UAL FY2026 Q3
Transcript, numbers and history already loaded
What drove UAL's +5.1% move after FY2026 Q3 earnings?What changed in UAL's guidance and outlook in FY2026 Q3?Give me the bull and bear case for UAL after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis reports stronger scale and continued strategic investment, while the guidance stance is maintained rather than raised. New emphasis includes staged Starlink rollout milestones, expanded hub and cabin initiatives, and a $5 billion revolving facility intended to support liquidity and reduce interest expense.
Guidance delta
Management maintained its guidance stance. It reiterated a goal of double-digit pretax margins in 2027 and expects to recapture 100% of fuel-cost increases; the supplied analysis also cites Q4 EPS guidance of $0.50-$1.50.
Key takeaways
- Q3 revenue grew 17% year over year, with a 6.2% pretax margin despite a $1.8 billion fuel-cost surge.
- Management highlighted Starlink, premium products, loyalty growth, and hub and fleet investments as demand and differentiation drivers.
- Liquidity was reported at $17.7 billion, while management emphasized debt reduction and a larger revolving credit facility.
Management priorities
- Expand Starlink coverage across the fleet through 2027.
- Invest in premium cabins, RelaxRow, United Clubs, and hub infrastructure.
- Modernize the fleet and grow loyalty-program and co-brand-account engagement.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$104.51Current
$33Low
$113.7Average
$190High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Oct 16, 2026 |
| Susquehanna | Positive | Positive | Maintain | Oct 7, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 6, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 2, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Sep 28, 2026 |
| Rothschild & Co | Buy | Buy | Maintain | Sep 18, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 11, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 17, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 17, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 2, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jul 1, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 1, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 26, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 25, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 27, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Jan 23, 2026 |
| Argus Research | Buy | Buy | Maintain | Jan 22, 2026 |
| Seaport Global | Buy | Buy | Maintain | May 15, 2025 |
| Raymond James | Market Perform | Outperform | Downgrade | Apr 2, 2025 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Jun 6, 2024 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | May 17, 2024 |
| Redburn Partners | Buy | Neutral | Upgrade | Aug 7, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 20, 2023 |
| Exane BNP Paribas | Outperform | Underperform | Upgrade | Mar 7, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jul 22, 2022 |
| Stifel | Hold | Hold | Maintain | Jul 22, 2021 |
| MKM Partners | Neutral | Neutral | Maintain | Jun 10, 2021 |
| Credit Suisse | Neutral | Outperform | Downgrade | Jun 12, 2020 |
| Bank of America | Neutral | Neutral | Maintain | Mar 26, 2020 |
| Buckingham Research | Neutral | Buy | Downgrade | Feb 27, 2020 |
| CFRA | Hold | Buy | Downgrade | Feb 24, 2020 |
| Berenberg | Hold | Hold | Maintain | Sep 6, 2019 |
| Imperial Capital | In Line | Underperform | Upgrade | Jul 24, 2019 |
| Buckingham | Buy | Buy | Maintain | Apr 17, 2019 |
| Stephens & Co. | Overweight | Overweight | Maintain | Oct 18, 2018 |
| Macquarie | Outperform | Neutral | Upgrade | Oct 18, 2018 |
| Standpoint Research | Buy | Hold | Upgrade | Dec 18, 2017 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Oct 24, 2017 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 22, 2016 |
| Sterne Agee CRT | Neutral | Buy | Downgrade | Apr 22, 2016 |
| Sterne Agee | Neutral | Buy | Downgrade | Apr 22, 2016 |
| CRT Capital | Hold | Buy | Downgrade | Apr 27, 2015 |
| Avondale Partners | Market Outperform | Market Perform | Upgrade | Oct 15, 2014 |
| Dahlman Rose | Buy | Buy | Maintain | Mar 8, 2013 |
| S&P Capital IQ | Hold | Buy | Downgrade | Jul 26, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Mar 30, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $104.51. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $160 | $95.6 | +53.1% | Oct 20, 2026 |
| Wells Fargo | Analyst unavailable | $160 | $110 | +53.1% | Oct 6, 2026 |
| BMO Capital | Analyst unavailable | $140 | $113.99 | +34.0% | Sep 28, 2026 |
| UBS | Atul Maheswari | $146 | $110.42 | +39.7% | Sep 24, 2026 |
| Redburn Partners | James Goodall | $150 | $107.64 | +43.5% | Sep 18, 2026 |
| Barclays | Brandon Oglenski | $160 | $106.49 | +53.1% | Sep 11, 2026 |
| UBS | Atul Maheswari | $137 | $107.12 | +31.1% | Sep 10, 2026 |
| Jefferies | Sheila Kahyaoglu | $155 | $115.41 | +48.3% | Jul 19, 2026 |
| Susquehanna | Christopher Stathoulopoulos | $165 | $118.81 | +57.9% | Jul 17, 2026 |
| Morgan Stanley | Ravi Shanker | $190 | $118.81 | +81.8% | Jul 16, 2026 |
| Susquehanna | Analyst unavailable | $172 | $132.5 | +64.6% | Jul 7, 2026 |
| Morgan Stanley | Analyst unavailable | $185 | $135.07 | +77.0% | Jul 6, 2026 |
| Goldman Sachs | Catherine O'Brien | $162 | $135.13 | +55.0% | Jul 2, 2026 |
| Bernstein | Analyst unavailable | $153 | $134.8 | +46.4% | Jul 1, 2026 |
| Wells Fargo | Analyst unavailable | $165 | $135.19 | +57.9% | Jun 30, 2026 |
| Barclays | Brandon Oglenski | $175 | $130.54 | +67.4% | Jun 25, 2026 |
| UBS | Analyst unavailable | $153 | $118.68 | +46.4% | Jun 23, 2026 |
| Morgan Stanley | Analyst unavailable | $182 | $111.24 | +74.1% | Jun 1, 2026 |
| UBS | Analyst unavailable | $148 | $106.08 | +41.6% | May 26, 2026 |
| Jefferies | Sheila Kahyaoglu | $112 | $91.9 | +7.2% | Apr 27, 2026 |
| UBS | Atul Maheswari | $139 | $90.96 | +33.0% | Apr 24, 2026 |
| BMO Capital | Analyst unavailable | $130 | $92.85 | +24.4% | Apr 23, 2026 |
| Susquehanna | Analyst unavailable | $135 | $91.71 | +29.2% | Apr 23, 2026 |
| Jefferies | Sheila Kahyaoglu | $148 | $109.96 | +41.6% | Feb 19, 2026 |
| Bernstein | Analyst unavailable | $136 | $107.76 | +30.1% | Jan 27, 2026 |
| Argus Research | John Staszak | $135 | $113.77 | +29.2% | Jan 22, 2026 |
| BMO Capital | Analyst unavailable | $132.5 | $110.96 | +26.8% | Jan 22, 2026 |
| UBS | Analyst unavailable | $147 | $110.96 | +40.7% | Jan 22, 2026 |
| Goldman Sachs | Catherine O'Brien | $129 | $115.29 | +23.4% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $150 | $117.32 | +43.5% | Jan 12, 2026 |
| Susquehanna | Analyst unavailable | $150 | $117.26 | +43.5% | Jan 9, 2026 |
| Morgan Stanley | Ravi Shanker | $150 | $116.88 | +43.5% | Jan 8, 2026 |
| UBS | Analyst unavailable | $145 | $116.42 | +38.7% | Jan 6, 2026 |
| Wells Fargo | Analyst unavailable | $145 | $110.27 | +38.7% | Dec 18, 2025 |
| UBS | Analyst unavailable | $142 | $108.4 | +35.9% | Dec 12, 2025 |
| BMO Capital | Analyst unavailable | $125 | $104.5 | +19.6% | Dec 8, 2025 |
| Loop Capital Markets | Sergey Glinyanov | $110 | $100.45 | +5.3% | Oct 21, 2025 |
| Morgan Stanley | Ravi Shanker | $140 | $98.88 | +34.0% | Oct 17, 2025 |
| UBS | Thomas Wadewitz | $128 | $98.19 | +22.5% | Oct 17, 2025 |
| Barclays | Analyst unavailable | $135 | $98.19 | +29.2% | Oct 17, 2025 |
| Seaport Global | Analyst unavailable | $130 | $100.12 | +24.4% | Oct 16, 2025 |
| Susquehanna | Analyst unavailable | $115 | $94.83 | +10.0% | Oct 3, 2025 |
| Barclays | Brandon Oglenski | $115 | $96.5 | +10.0% | Oct 1, 2025 |
| Jefferies | Analyst unavailable | $125 | $95.03 | +19.6% | Oct 1, 2025 |
| Evercore ISI | Analyst unavailable | $135 | $97.91 | +29.2% | Sep 29, 2025 |
| UBS | Analyst unavailable | $131 | $98.13 | +25.3% | Sep 26, 2025 |
| Evercore ISI | Duane Pfennigwerth | $105 | $91.22 | +0.5% | Jul 17, 2025 |
| Barclays | Brandon Oglenski | $94 | $88.94 | -10.1% | Jul 15, 2025 |
| Cantor Fitzgerald | Tom Fitzgerald | $88 | $66.97 | -15.8% | Apr 22, 2025 |
| UBS | Thomas Wadewitz | $59 | $60.23 | -43.5% | Apr 7, 2025 |
| Jefferies | Analyst unavailable | $80 | $68.2 | -23.5% | Apr 1, 2025 |
| Barclays | Brandon Oglenski | $140 | $72.19 | +34.0% | Mar 12, 2025 |
| Susquehanna | Christopher Stathoulopoulos | $130 | $108.67 | +24.4% | Feb 4, 2025 |
| Goldman Sachs | Catherine O’Brien | $119 | $91.16 | +13.9% | Nov 15, 2024 |
| Jefferies | Sheila Kahyaoglu | $95 | $74.15 | -9.1% | Oct 21, 2024 |
| Morgan Stanley | Ravi Shanker | $88 | $72.02 | -15.8% | Oct 17, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $85 | $72.02 | -18.7% | Oct 17, 2024 |
| Seaport Global | Daniel McKenzie | $97 | $72.02 | -7.2% | Oct 17, 2024 |
| Bernstein | David Vernon | $85 | $72.02 | -18.7% | Oct 17, 2024 |
| Evercore ISI | Duane Pfennigwerth | $85 | $72.02 | -18.7% | Oct 16, 2024 |
| Deutsche Bank | Michael Linenberg | $80 | $64.05 | -23.5% | Oct 16, 2024 |
| Barclays | Brandon Oglenski | $75 | $64.05 | -28.2% | Oct 16, 2024 |
| Barclays | Brandon Oglenski | $66 | $61.8 | -36.8% | Oct 14, 2024 |
| Redburn Partners | James Goodall | $70 | $53.56 | -33.0% | Jun 6, 2024 |
| Jefferies | Sheila Kahyaoglu | $65 | $50.64 | -37.8% | May 29, 2024 |
| HSBC | Achal Kumar | $69.2 | $52.72 | -33.8% | May 13, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $60 | $48.74 | -42.6% | Apr 18, 2024 |
| Barclays | Brandon Oglenski | $60 | $48.46 | -42.6% | Apr 17, 2024 |
| Jefferies | Sheila Kahyaoglu | $52 | $47.35 | -50.2% | Apr 2, 2024 |
| Jefferies | Sheila Kahyaoglu | $50 | $44.89 | -52.2% | Mar 25, 2024 |
| UBS | Atul Maheswari | $47 | $43.91 | -55.0% | Mar 19, 2024 |
| Raymond James | Savanthi Syth | $70 | $39.92 | -33.0% | Oct 17, 2023 |
| Raymond James | Savanthi Syth | $76 | $57.61 | -27.3% | Jul 21, 2023 |
| Citigroup | Analyst unavailable | $56 | $36.14 | -46.4% | Jul 25, 2022 |
| Cowen & Co. | Analyst unavailable | $75 | $36.83 | -28.2% | Jul 22, 2022 |
| Susquehanna | Christopher Stathoulopoulos | $43 | $41.68 | -58.9% | Jul 20, 2022 |
| Barclays | Analyst unavailable | $45 | $36.69 | -56.9% | Jul 8, 2022 |
| BNP Paribas | James Hollins | $33 | $36.54 | -68.4% | Jul 7, 2022 |
| Evercore ISI | Analyst unavailable | $45 | $37.78 | -56.9% | Jun 27, 2022 |
| Raymond James | Savanthi Syth | $48 | $35.66 | -54.1% | Jun 23, 2022 |
| Goldman Sachs | Analyst unavailable | $59 | $52.08 | -43.5% | Apr 22, 2022 |
| Morgan Stanley | Analyst unavailable | $67 | $51.95 | -35.9% | Apr 22, 2022 |
| Cowen & Co. | Analyst unavailable | $86.5 | $50.85 | -17.2% | Apr 22, 2022 |
| Barclays | Brandon Oglenski | $58 | $50.85 | -44.5% | Apr 21, 2022 |
| Deutsche Bank | Michael Linenberg | $60 | $50.85 | -42.6% | Apr 21, 2022 |
| Evercore ISI | Duane Pfennigwerth | $50 | $50.85 | -52.2% | Apr 21, 2022 |
| Piper Sandler | Analyst unavailable | $51 | $45.95 | -51.2% | Apr 19, 2022 |
| BNP Paribas | James Hollins | $38 | $43.86 | -63.6% | Mar 28, 2022 |
| Redburn Partners | James Goodall | $35 | $42.82 | -66.5% | Feb 6, 2022 |
| Susquehanna | Christopher Stathoulopoulos | $55 | $41.65 | -47.4% | Jan 21, 2022 |
| J.P. Morgan | Jamie Baker | $63 | $41.65 | -39.7% | Jan 21, 2022 |
| Deutsche Bank | Michael Linenberg | $60 | $44.4 | -42.6% | Jan 19, 2022 |
| Bernstein | David Vernon | $73 | $47.31 | -30.2% | Jan 7, 2022 |
| MKM Partners | Conor Cunningham | $54 | $45.49 | -48.3% | Jan 3, 2022 |
| Cowen & Co. | Helane Becker | $78 | $46.72 | -25.4% | Oct 21, 2021 |
| UBS | Myles Walton | $58 | $46.72 | -44.5% | Oct 21, 2021 |
| Goldman Sachs | Catherine O'Brien | $65 | $50.22 | -37.8% | Oct 6, 2021 |
| Stifel Nicolaus | Joseph DeNardi | $54 | $47.95 | -48.3% | Jul 22, 2021 |
Track every rating change on UAL the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationUnited Airlines Holdings, Inc., through its various subsidiaries, delivers air travel solutions on a global scale. Its vast network extends across North America, Europe, Asia, Africa, the Pacific, the Middle East, and Latin America, facilitating the movement of both passengers and freight. The company operates these services using a combination of its primary and regional aircraft fleets. Beyond its core transportation offerings, United also provides specialized support to external clients, encompassing catering, ground handling, aviation training, and aircraft maintenance. Established in 1968, the enterprise has its principal offices in Chicago, Illinois. Notably, it adopted its current name, United Airlines Holdings, Inc., in June 2019, having previously operated as United Continental Holdings, Inc.
Historical context
All UAL earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| WAB Westinghouse Air Brake Technologies Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +0.1% | Wabtec raises EPS outlook as margins and backlog remain strong |
| SPCX Space Exploration Technologies Corp. | FY2026 Q3 · Calendar Q4 2026 | +160.0% | -0.1% | SpaceX Q3: Starlink and AI scale drive a sharp growth step-up |
| PAC Grupo Aeroportuario del Pacífico, S.A.B. de C.V. | FY2026 Q3 · Calendar Q4 2026 | -2.2% | +7.1% | GAP: EBITDA Growth Offsets Traffic Pressure in Q3 |
| RTX RTX Corporation | FY2026 Q3 · Calendar Q4 2026 | +27.0% | +0.6% | RTX Q3: Growth, backlog and raised guidance reinforce execution |
| MMM 3M Company | FY2026 Q3 · Calendar Q4 2026 | +5.0% | +5.8% | 3M Q3: Margin gains and EBO momentum support higher EPS outlook |
| NOC Northrop Grumman Corporation | FY2026 Q3 · Calendar Q4 2026 | +9.9% | +4.6% | Northrop Grumman: Strong Q3, Higher Outlook, Bigger Backlog |
Latest beats and misses
Who reports nextBeat on EPS
- CBFY2026 Q3 · October 20, 2026+12.8% EPS-0.4% move
- ISRGFY2026 Q3 · October 20, 2026+13.2% EPS-3.6% move
- SPCXFY2026 Q3 · October 20, 2026+160.0% EPS-0.1% move
- COF-PIFY2026 Q3 · October 20, 2026+21.6% EPS— move
- MSCIFY2026 Q3 · October 20, 2026+1.6% EPS+5.0% move
- COF-PLFY2026 Q3 · October 20, 2026+21.6% EPS— move
Missed on EPS
- PACFY2026 Q3 · October 20, 2026-2.2% EPS+7.1% move
- AGNCZFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCLFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
- AGNCOFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCPFY2026 Q3 · October 19, 2026-0.6% EPS0.0% move
- AGNCMFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
Get the UAL recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-21T16:07:04.720095+00:00
- FN2 earnings calendar · 2026-10-01T01:23:12.786685+00:00
- Polygon adjusted daily market bars · 2026-10-21T16:30:41.122964+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-21T16:30:41.120231+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-21. For educational purposes only; not investment advice.